First Mercantile Trust Co. Takes Position in Skechers U.S.A., Inc. (SKX)
First Mercantile Trust Co. acquired a new stake in shares of Skechers U.S.A., Inc. (NYSE:SKX) during the second quarter, Holdings Channel reports. The fund acquired 19,026 shares of the textile maker’s stock, valued at approximately $561,000.
Other hedge funds have also made changes to their positions in the company. Oregon Public Employees Retirement Fund boosted its stake in shares of Skechers U.S.A. by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 46,672 shares of the textile maker’s stock valued at $1,281,000 after buying an additional 600 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Skechers U.S.A. by 2.0% in the first quarter. IFP Advisors Inc now owns 7,409 shares of the textile maker’s stock valued at $203,000 after buying an additional 147 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Skechers U.S.A. by 143.6% in the first quarter. Russell Investments Group Ltd. now owns 181,142 shares of the textile maker’s stock valued at $4,973,000 after buying an additional 106,780 shares during the last quarter. Amerigo Asset Management boosted its stake in shares of Skechers U.S.A. by 28.5% in the first quarter. Amerigo Asset Management now owns 4,440,000 shares of the textile maker’s stock valued at $121,878,000 after buying an additional 984,929 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Skechers U.S.A. by 725.4% in the first quarter. Janney Montgomery Scott LLC now owns 121,019 shares of the textile maker’s stock valued at $3,322,000 after buying an additional 106,357 shares during the last quarter. Institutional investors and hedge funds own 67.86% of the company’s stock.
Shares of Skechers U.S.A., Inc. (NYSE SKX) opened at 28.72 on Tuesday. The stock has a market cap of $4.55 billion, a price-to-earnings ratio of 19.92 and a beta of 0.18. Skechers U.S.A., Inc. has a one year low of $18.81 and a one year high of $30.00. The company has a 50-day moving average of $28.60 and a 200 day moving average of $26.53.
Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, July 20th. The textile maker reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by $0.06. Skechers U.S.A. had a net margin of 5.92% and a return on equity of 12.79%. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $966.46 million. During the same period last year, the business posted $0.48 EPS. Skechers U.S.A.’s revenue was up 16.9% compared to the same quarter last year. On average, equities analysts forecast that Skechers U.S.A., Inc. will post $1.57 earnings per share for the current fiscal year.
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Several research firms have recently weighed in on SKX. Vetr lowered shares of Skechers U.S.A. from a “strong-buy” rating to a “buy” rating and set a $32.17 target price for the company. in a report on Tuesday, July 25th. BidaskClub raised shares of Skechers U.S.A. from a “sell” rating to a “hold” rating in a report on Saturday. Cowen and Company set a $35.00 target price on shares of Skechers U.S.A. and gave the company a “buy” rating in a report on Monday. OTR Global raised shares of Skechers U.S.A. from a “mixed” rating to a “positive” rating in a report on Tuesday, July 18th. Finally, Zacks Investment Research lowered shares of Skechers U.S.A. from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. Skechers U.S.A. currently has an average rating of “Buy” and an average price target of $31.10.
In other Skechers U.S.A. news, Director Richard Rappaport sold 1,500 shares of the firm’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $28.38, for a total value of $42,570.00. Following the completion of the sale, the director now owns 20,000 shares of the company’s stock, valued at $567,600. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 38.20% of the stock is currently owned by company insiders.
About Skechers U.S.A.
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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